the adviser logo

Westpac posts strong profit

by Staff Reporter8 minute read
The Adviser

By: Staff Reporter

Despite rising funding costs, Westpac has managed to post earnings of $2,983 million for the half year to 31 March 2010.

In announcing its half-yearly results yesterday, the major also revealed a 32 per cent increase in net profit after tax on the corresponding period.

Westpac’s chief executive officer Gail Kelly said the bank’s strong interim results reflected a much improved Australian economy.

“Overall, it is very clear that the Westpac Group is emerging from the global financial crisis in a stronger position and with a sustainable platform for growth,” Ms Kelly said.

“Over the past 12 months, in meeting customer needs, and as a direct result of our decision to remain open for business, we grew our Australian home lending balances by $43 billion and our Australian market share in this strategically important segment by two percentage points to 27 per cent. This step up in market share includes providing over 355,000 new mortgages”

The market share gains in mortgages helped the major record a 4 per cent increase in revenue on the corresponding period to $8,621 million.

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more